Chinese Developer Yango’s Unit Gets Winding-Up Order

(Bloomberg) — A court in Hong Kong has issued an order that a Chinese developer’s unit that defaulted on offshore debt be wound up, the first such instance against a major builder during the country’s property-debt crisis and opens the door to more such decisions.

The order regarding Yango Justice International Ltd. was dated Oct. 17, according to a winding up search report done through the website of Hong Kong’s Official Receiver’s Office. The case’s first hearing date was Sept. 14 and the adjourned hearing was Oct. 17, the same day of the order. The firm is a unit of Yango Group Co. Ltd.